SandRidge Energy Inc. has delayed filing its annual report in part because of uncertainty regarding strategic alternatives to reduce its debt, the Oklahoma City-based producer said.

In a Form 12b-25 filing with the Securities and Exchange Commission on Wednesday, the onshore operator said it is in discussions with some stakeholders “regarding strategic alternatives to reduce its indebtedness.”

SandRidge has a debt load of about $3.9 billion and was delisted from the New York Stock Exchange early this year (see Shale Daily, Jan. 7). On Thursday afternoon it was trading over-the-counter on pink sheets at about 11 cents/share, with a market cap of about $67.29 million.

Because of the “uncertainty regarding potential strategic alternatives to reduce indebtedness,” the ongoing independent audit of 2015 financial statements “will contain an explanatory paragraph regarding substantial doubt as to the company’s ability to continue as a going concern…”

SandRidge said it expects total 2015 revenue and income “will be significantly lower” than in 2014 because of low commodity prices and a 9% increase in total gas and oil production. It said it also incurred an estimated $4.5 billion impairment charge in 2015 against the value of its properties.

Most of its exploration and production activities today are in the shallow, conventional oil basins in the Mississippian Lime in northern Oklahoma and southern Kansas. The company owns 1.85 million acres of leasehold in the Mississippian with more than 11,000 potential horizontal drilling locations identified.

The producer this week paid a total $50.1 million in interest payments for senior notes due in 2021 and 2023. The payments were due in February but SandRidge, which said then it had the cash available, used the one-month grace period to continue discussions with lenders.

To date this year SandRidge has laid off 440 people, about 38% of its workforce. The company now has about 700 employees, with about half based in Oklahoma City.